The board of directors of ShiFang Holding Limited announced that on 9 January 2023, the Board approved the appointments of Mr. Wang Xu (Mr. Wang) as an executive Director, Mr. Chen Ye (Mr. Chen Y) as a non-executive Director and Mr. Mao Xiangyun (Mr. Mao) and Mr. Wei Hong (Mr. Wei) as independent non-executive Directors with immediate effect. Mr. Wang, aged 38, has experience in the internet industry and copyright industry, and is the legal representative and director of (Zhuoshi Technology (Beijing) Co. Ltd.) (Zhuoshi) and the legal representative, chairman of the board of directors of (Baiming (Beijing) Information Technology Co.

Ltd.) (Baiming). Both Zhuoshi and Baiming are associated companies of the Company. Mr. Wang studied statistics and obtained a bachelor of science degree from Jilin University.

Prior to founding Zhuoshi and Baiming, Mr. Wang had previously occupied management positions in enterprises in China engaged in broadcasting and copyright businesses. Mr. Chen Y, aged 30, joined the Group in May 2018 and is currently a vice-president and investment director of the Company. Mr. Chen Y obtained a bachelor 's degree in communications engineering from Gengdan Institute of Beijing University of Technology.

Prior to joining the Group, Mr. Chen Y had several years of experience in investment companies and participated in the various investment projects involving investment targets engaged in internet and technology, properties and financial services. Mr. Chen Y is the son of Mr. Chen Zhi and a nephew of Ms. Chen Min. Mr. Mao, aged 61, obtained a master degree of business administration from the Hong Kong Metropolitan University (formerly known as the Open University of Hong Kong).

Prior to joining the Company, Mr. Mao had over 25 years of experience working with Fuzhou Economic and Technological Development Zone (Fuzhou ETDZ), occupying senior management positions responsible for investment attractions, corporate services and overseeing the management of technology projects in Fuzhou ETDZ. As at the date of this announcement, Mr. Mao is interested in 620,000 shares of the Company, representing approximately 0.06% of the total issued share capital of the Company. Mr. Wei, aged 34, obtained a bachelor 's degree in finance from Fujian Agriculture and Forestry University.

Prior to joining the Company, Mr. Wei occupied management positions with various business enterprises in China including a financing and guarantee company and an investment fund, having over ten years of working experience related to data analysis, project approvals, project management, credit risk assessments, corporate procedures and internal controls. Mr. Wei is currently the investment manager of a capital management company and the general manager of a private equity investment company. As at the date of this announcement, Mr. Wei is interested in 490,000 shares of the Company, representing approximately 0.05% of the total issued share capital of the Company.

The Board announced that on 9 January 2023, the Board accepted the resignations of Mr. Chen Wei Dong (Mr. Chen WD), Mr. Zhou Chang Ren (Mr. Zhou) and Mr. Cai Jian Quan (Mr. Cai) with immediate effect. Mr. Chen WD, Mr. Zhou and Mr. Cai (collectively, the Resigned Directors) confirmed in their resignation letters that their resignations were due to their intention to concentrate on their other business engagements, they have no disagreement with the Board and there is no matter in relation to their resignations that needs to be brought to the attention of the Stock Exchange and the Shareholders. Simultaneously with the resignations of Mr. Zhou and Mr. Cai as Directors which took effect on 9 January 2023: Mr. Zhou and Mr. Cai ceased to be members of the audit committee of the Company (the AC), and Mr. Mao and Mr. Wei were appointed as members of the AC with immediate effect; Mr. Cai ceased to be a member and the chairman of the nomination committee of the Company (the NC), Mr. Mao and Mr. Wei were appointed as members of the NC, and Mr. Chen Zhi was elected as the chairman of the NC with immediate effect; and Mr. Zhou cease to be a member and the chairman of the RC, Mr. Mao and Mr. Wei were appointed as members of the RC, and Mr. Wei was elected as the chairman of the RC with immediate effect.